Bitcoin Stands Firm Amid $797 Billion Tech Rout

Bitcoin's price has remained relatively stable near $65,400 on Friday, despite the significant decline of the Magnificent Seven megacap tech stocks, which lost a collective $797 billion in market value. The AI-driven selloff was triggered by Alphabet's raised capital expenditure forecast and Tesla's disappointing quarterly profits.

The S&P 500 fell 1.2% and the Nasdaq 100 dropped 1.9%, while altcoins such as Ether, Solana, XRP, and Dogecoin experienced steeper declines, ranging from 2% to 5%. However, Bitcoin's resilience has sparked hopes of a possible decoupling from the AI trade.

Analysts point to institutional capital flowing into U.S. spot Bitcoin exchange-traded funds (ETFs) and reduced leverage in the crypto market as factors supporting the price floor. The Federal Reserve meeting next week will be closely watched, particularly with Microsoft and Meta set to report quarterly earnings on Wednesday, followed by Apple and Amazon on Thursday.